The more you owe, the larger the minimum balance payment is. The more time you spend only making minimum payments, the balance grows with interest. If you’ve missed payments, the minimum balance is even higher, and in some cases harder to catch up with.
Debt with a high interest rate is money that could otherwise be saved. The additional layer of interest that stacks on top of minimum credit card payments gets expensive and increases over time the amount of money you actually spent on the purchase.
The good news is that managing your credit card debt doesn’t have to feel like a struggle you won’t win. Using the right tools and resources, you can get ahead on your debt owed and save money at the same time. Personal loans give you the option to decide where and how you can best manage balances that collect interest.